Telehealth platform Hims & Hers announced the addition of Kåre Schultz, a former executive at Novo Nordisk, to its board of directors on Monday. Schultz has over 25 years of experience in the pharmaceutical industry, including significant roles at Novo Nordisk, where he was president and chief operating officer. He is currently the CEO of Teva Pharmaceutical.
In a press release, Schultz expressed excitement about Hims & Hers’ mission, stating, “This is the first company I have seen that is leveraging today’s modern tools to truly break down barriers and change the status quo of how people access the health solutions they need to live their fullest lives. I’m thrilled to be a part of this journey.”
Following the announcement, Hims & Hers saw a 3% increase in stock value during morning trading, with shares up 125% since the start of the year.
This news comes shortly after Hims & Hers began offering a compounded version of semaglutide, a key ingredient in Novo Nordisk’s popular diabetes and weight loss drugs, Ozempic and Wegovy. The company is selling a month’s supply of the weight loss medication for $199, significantly less than the nearly $1,000 retail price of Ozempic and $1,349 for Wegovy.
The current shortage of these sought-after brand name drugs has prompted several telehealth platforms to take advantage of a provision in the Food, Drug, and Cosmetic Act that allows the sale of compounded medications during shortages. Compounding involves customizing an approved drug by a licensed pharmacist or physician to meet individual patient needs.
While the Act typically prohibits compounding drugs that replicate commercially available medications, those that are in shortage are exempted from this restriction by the U.S. Food and Drug Administration (FDA). Schultz mentioned to Bloomberg on Monday that the company envisions a “long future” in offering compounded semaglutide and expressed confidence that pharmacies will continue to provide it even after shortages are resolved, as there will still be patients requiring personalized prescriptions.